The topic of the present article discusses the author's research object for the nearly last two decades. Thus, this publication is a compilation of the author's old and new research activities. The article observes the formation of export strategies and their relationship with modern industrial policy. Over the years, Georgia's trade deficit has been a serious problem for economic growth. The fundamental research "The main directions of improving the foreign trade balance of Georgia" performed at the Faculty of Economics and Business of Ivane Javakhishvili Tbilisi State University was dedicated to the study of the above mentioned problem.

      Export strategies are a well-studied field both theoretically and practically, however, the dynamism caused by the globalization of the economy constantly requires adjustments.

      Both the market and the specific form and time of entering the market are important in the export strategy, and the export product is fundamentally important. The issue of the market specification should be highlighted; here it is important that both the geographical features of the market, as well as the definition of specific segments of this market, are the prerequisites for success.

      For market expansion, it is necessary to expand free trade agreements. In the reality of Georgia, this direction has proven its effectiveness. A lot of attention was also paid to the development of re-export. Re-export is an important direction, but it would be wrong to overestimate its role. The conducted research has clearly confirmed the impossibility of improving the deficit of the trade balance through the growth of re-exports. Current gross domestic product was presented as an adjustable system, while the imports as input variable and exports as output variable.

          According to the general regulation formula, the regulation index for the current situation is calculated based on the existing gross domestic product, export and import indicators. Using the existing indicator of the regulator, it is calculated for what value of the gross domestic product the export will be equal with imports, and thus indicating the opportunity to evaluate the export growth perspective.

     In export strategies, such an aspect as the participation of international organizations in their formation is important, first of all, the international trade center, which contributes to the formation of export strategies and has a special program - "Export leads to poverty reduction", also worth mentioning are the various sectoral initiatives and studies of the World Bank, which are focused on the export growth potential. It should be emphasized that the success of projects initiated by international donors depends on the correct understanding of the current reality by the receiving country. If there is no competitive advantage, the involvement of international donors cannot change this and the project will not become sustainable.

       It should be noted that donor involvement in export strategies will be successful if the strategy itself is focused on the realization of an existing or potential competitive advantage. According to one of the important studies of the World Bank: “Trade facilitation is considered any action that reduces export/import tariffs. Marginal efficiency in improving infrastructure decreases as per capita income increases, and the role of information and communication technologies increases. "Hard" and "soft" factors of trade promotion are distinguished. "Hard" factors of trade promotion include infrastructure and information and communication technologies, and "soft" factors - transparency/customs management and business environment. As for creating a mechanism, such mechanisms are competitiveness councils, industry associations, etc. For example, the competitiveness councils not only continuously monitor the competitiveness of the country, and its individual sectors but also contribute to the formation of an agreement between the state and the private sector on the priority directions of development.

Keywords:Export strategy; formation and management of export strategy; modern industrial policy

JEL Codes: L50,L51, L52